TLDR
- IREN reported record quarterly revenue of $187.3 million, up 226% year-over-year
- Company returned to profitability with $176.9 million net income and $241.4 million EBITDA
- IREN outmined competitor MARA with 728 BTC production in July versus 703 BTC
- Stock surged 14% after-hours following earnings announcement
- Company plans $200M investment to expand GPU fleet from 1,900 to 10,900 units
Bitcoin mining company IREN Limited posted its strongest financial results ever, driving shares up 14% in after-hours trading. The company reported record quarterly revenue of $187.3 million for the period ending June 30.
Revenue jumped 226% compared to the same quarter last year. IREN also returned to profitability after previous losses, posting net income of $176.9 million and EBITDA of $241.4 million.
The strong quarter helped IREN achieve record annual revenue of $501 million. Under current market conditions, the company now generates $1 billion in annualized Bitcoin mining revenue.
IREN has emerged as a leader in Bitcoin production. In July, the company mined 728 BTC, surpassing larger competitor MARA Holdings which produced 703 BTC during the same period.
The company currently operates 50 exahashes per second in Bitcoin mining capacity. IREN temporarily paused Bitcoin mining expansion to focus on artificial intelligence initiatives.
AI Business Expansion Through Nvidia Partnership
IREN has built a growing AI cloud computing business alongside Bitcoin mining operations. The company increased its GPU count to 1,900 units during the quarter, representing 132% year-over-year growth.
The expansion accelerated after IREN became a “Preferred Partner” with Nvidia. This partnership provides direct access to Nvidia’s latest hardware for AI operations.
IREN generates AI revenue by renting computational power to businesses. Services include machine learning tasks, training large language models, and high-performance computing applications.
The company plans to invest $200 million to expand its GPU fleet to 10,900 units by December. This expansion targets $200-250 million in annualized AI revenue.
Current AI revenue stands at approximately $250 million annually. Reaching the December target would require eight to ten times growth from recent quarters.
Stock Recovery After Previous Criticism
IREN shares closed Thursday at $23.04, up 3.1% during regular trading. After-hours trading saw an additional 13.9% gain following earnings results.
The stock has rallied 312% over the past four months. Shares hit lows around $5.59 in April before the recent recovery began.
IREN’s turnaround comes after facing criticism in 2024. Short-selling firm Culper Research called the company “wildly overvalued” and questioned its AI investment strategy.
The company recently settled a legal dispute with creditor NYDIG. The confidential agreement resolved a three-year battle over $105 million in defaulted equipment loans.
Co-CEO Daniel Roberts called fiscal 2025 “a breakout year financially and operationally” with over 10 times EBITDA growth. IREN’s current market capitalization stands at $5.4 billion based on Nasdaq trading.
